New Delhi: Goodyear India Ltd has reported a revenue of INR 695 crore in Q2FY24, compared to INR 772 crore in the same quarter last year. Profit before tax at INR 51 crore, increased by 40%.
The company’s H1FY24 profit before tax was INR 103 crore compared to INR 87 crore a year ago, an increase of 19%. This is driven primarily by reduced raw material prices offsetting the lower volume impact.
As of September 30, 2023, the company had a cash and bank balance of INR 250 crore compared to INR 63 crore as of March 31, 2023.
During the year, the company paid a dividend of INR 26.50 per equity share in August 2023 related to FY23, resulting in an outflow of INR 61 crore. It has also spent INR 24 crore in Capex during the first half in various expansion and sustaining projects.
Sandeep Mahajan, Chairman & Managing Director, Goodyear India Ltd, said, “We have increased market share in consumer replacement while maintaining our leadership in the farm segment. We delivered profitable growth of 40% compared to the same period last year, driven by lower raw material cost, coupled with cost saving initiatives.”
‘While executing in the current period, we took steps to strengthen our product portfolio. In one example, we recently launched the Assurance Max Guardrange of tyres, which reflects our commitment to elevate the driving experience for our consumers and grow in high-margin segments of the market. Goodyear has been a leader in tyre innovation over the last 125 years and has continuously strived to provide top-of-the-line products that align seamlessly with the ever-evolving demands of our customers, he said.